January 1, 2010
Renovation Tax Credit Expires February 1
Did you know time is running out to qualify for Ottawa’s $1,350 home renovation tax credit, which expires on February 1, 2010? You must spend more than $1,000 and may claim up to $10,000 on qualifying items or work to earn the maximum credit. Qualifying expenditures include repairs, alterations and preventative maintenance for a home you own, including the cost of labour, materials and equipment rentals. Eligible expenses include renovating a kitchen, bath or basement; installing new carpet or hardwood floors; building an addition, garage or deck; re-shingling a roof; installing a new furnace, fireplace, water softener or hot water heater; or painting. Ineligible expenses include furniture, appliances, audio-visual systems, cleaning, maintenance and financing costs. The work can be done by a professional contractor or you can do it yourself. In the case of contract work, you can claim the value of the contract, whereas if you do it yourself, you can only claim materials, not your labour. Remember to keep your receipts!
